On January 1, 2020, Logan Service Transportation Company purchased a used alrcratt at a cost of $62,400,000. Logan Service expects the plane to remain usetul for fve years (7,000,000 milos) and to have a residual value of $6,400,000. Logan Service expects to fly the plane 875,000 miles the frst year, 1,275,000 miles each year during the second, third, and fourth years, and 2,300,000 miles the last year. Read the reaurements 1. Compute Logan Service's depreciation for the firt two years on the plane using the straight-ine method, the units-of-aroducton mwethod, and the doubie-decining balance method. a. Straightline motvod Using the straight-line method, depreciation is for 2020 and for 2021. Requirements 1. Compute Logan Service's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cent) c. Double-declining-balance method 2. Show the airplane's book value at the end of the first year under each depreciation method